The second part of yesterday was a positive one for the common European currency. During the American trading session, the common European currency gained value from the intraday low of 1.3511 up to 1.3565. The rally was caused by the negative stats published by the US Department of Labor yesterday.
In particular, the amount of jobless claims increased up to 317 000 last week as opposed to 313 00 during the previous reporting period.
As for today's trading session, the market is relatively calm today. The common currency gained a little bit more value against its American counterpart at the beginning of the European trading session and is currently trading close to 1.3573.
At the same time, the Euro is showing signs of strength thanks to moderate inflation figures. Today, we are to see Europe releasing inflation figures. Germany was the first to publish the CPI, which turned out to be stable at -0,1%, which matched expectations.
An hour later, Spain released similar data. The Spanish CPI improved up to 0,9% last month. Still, pessimistic analysts' expectations confirmed with the CPI going down to 0.0% this time.
Still, the Euro is gaining value at the expense of moderate inflation figures in the eurozone in general.
EURSUD
Masterforex-V Academy analyzed the H1 chart of EURUSD to find out that the price has just pinned through the bottom of the 2-day price range between 1.3520 and 1355. The thing is that the break is still considered to be false until proven otherwise. After setting a new weekly low at 1.3511, the currency pair made a break of the opposite side of the range, thereby touching 1.3565.
This move completed the entire bearish pattern 1.3675-1.3511.
The following levels of resistance are still actual: 1.3585, 1.3600, 1.3620, 1.3625 + 1.3666 + 1.3669; 1.3675.
The levels of support : 1.3546 + 1.3520 + 1.3511 + 1.3502.
